KARACHI: The State Bank of Pakistan (SBP) has formally granted approval to Digitt+, Pakistan’s first agriculture focused fintech, to pilot launch their Electronic Money Institution (EMI). Digitt+ is powered by Akhtar Fuiou Technologies(AFT). The purpose of this agri-fintech app is to digitize the agricultural eco system.
Digitt+ has partnered with Fuiou Pay, a leading international payment solutions provider,to provide market-based alternative to the traditional banking system. Fuiou Pay offersholistic enabling solutions through their seventy five intellectual property licenses and several patented software, said a news release issued by SBP here on Friday.
Founder and Chief Strategy Officer at Digitt+ Qasim Akhtar Khan, while talking about the potential of the venture, said: “We look forward to providing financial technology solutions to the farmers of Pakistan who will be able to open bank accounts and gain access to credit and modern digital financial services such as bill payments, e-commerce, investments, and money transfers. The approval from State Bank of Pakistan is an important milestone in that direction. This effort has the potential to solve food security issues, enhance crop yields, and improve human welfare in Pakistan, directly impacting thousands of farmers and merchants.”
Pakistan has been an agriculture powerhouse for decades. Agriculture employs almost half of the country’s workforce and contributes about 25% to GDP. Despite its size and prominence, the sector does not have commensurate access to financial services from the banking system.
